Great essay. Though obviously, such a big hypothesis is very speculative.
I think the use of the "market price" concept so heavily here might be taking away a little. It sort of assumes some objective (if unknowable) value to human contribution or achievement. I think in the labour market in general, and specifically the components that he's talking about in the lang term, are hard to describe well this way. Between the difficulty to evaluating labour quality, the variability in "quality" depending on specific circumstances, the bargaining/liquidity issues and other problems, I think we enter a (Ronald) Coase-esqu problem where markets do not play out efficiently enough to reveal an information rich market price.
I wonder if this essay would be much different without market price.
I think the use of the "market price" concept so heavily here might be taking away a little. It sort of assumes some objective (if unknowable) value to human contribution or achievement. I think in the labour market in general, and specifically the components that he's talking about in the lang term, are hard to describe well this way. Between the difficulty to evaluating labour quality, the variability in "quality" depending on specific circumstances, the bargaining/liquidity issues and other problems, I think we enter a (Ronald) Coase-esqu problem where markets do not play out efficiently enough to reveal an information rich market price.
I wonder if this essay would be much different without market price.